Chalmers Ventures Bulletin for 2021

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Chalmers Ventures

Change, improve & innovate for a sustainable

world for all. b u l l e t i n 2021/twentytwentyone


Chalmers Ventures

A unique and world-leading commitment to entrepreneurship for future generations Chalmers Ventures’ venture creation activities are partly funded by Chalmers with a mission in the field of utilization, but also by Vinnova, Västra Götaland Regional Council and the Hans E Olsson Foundation. The operation also runs ongoing EU projects: current projects include VINK (exchange of experience between incubators in the West) and Deep-tech support system in Western Sweden.


Chalmers Entrepreneurship 4 CEO Sara Wallin 6 Figures at a glance 10 Uniue growth factory 14 Impact 16 Gender equality 20 CFO Emma Siljeäng 24 Portfolio 26 Venture Creation 32 Investments 36 An entrepreneurial ecosystem 48 Values & statements 50


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CHALMERS ENTREPRENEURSHIP. Welcome to a world-leading entrepreneurial ecosystem


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Chalmers Ventures is ranked number one in the Nordic region and in the world top ten as a university-affiliated incubator and one of Sweden’s most frequent investors in tech companies. This position has been made possible by the fact that Chalmers has for a long time consciously linked entrepreneurship to research and education as an important part of the university’s strategy. There are several strategic initiatives and activities at Chalmers that focus on innovation and entrepreneurship. Together, all this forms a unique entrepreneurial strength for our collective community and the world around us.


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CEO

Chalmers Ventures

Sara Wallin

Ready to scale up Chalmers Ventures is ready to scale up. More tech companies are needed in order to provide research-based solutions to the challenges facing the world. We are in a unique position and well equipped to take more research results from the lab to the market, where they can be of use.

Summing up 2021, Chalmers Ventures is showing a record result. A profit of SEK 81m and more than 100 startups in the portfolio – proof positive that our companies, with their entrepreneurs and innovators, really deliver. When we gauge what is happening in the world, both in Sweden and globally, we are seeing increasing demand for more complex technology known as deep tech that is often based on advanced research.

The aim of this is to meet the societal needs and sustainability challenges we face. That is why we have decided at Chalmers Ventures to play an active part in developing, funding and creating the right conditions for these deep tech companies. This is Chalmers Ventures’ new position going forward. We can work together – perhaps with you, the reader – to scale up and create the right


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are involved throughout ” We the entire growth journey and

are able to build companies together with researchers and entrepreneurs.

conditions by building a stronger cash position and finding even more external capital for coinvestment. Our aim is to accelerate the market reach of even more deep tech companies and technology companies with a sustainability profile. Building companies and development So why us? Well, Chalmers Ventures is part of a unique entrepreneurial ecosystem at Chalmers. When Chalmers Ventures was

formed in 2015, Chalmers also launched a completely new concept on about how creation of tech startups and venture creation could be structured. The hypothesis involved bringing together incubation, acceleration and scaling up of startups and investments in one and the same operation – what is now Chalmers Ventures. We inject capital in the really early stages


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of technology companies’ development, a stage where capital is often lacking because the risks are greater. We evaluate the technology, create the companies, match teams with entrepreneurs, and provide the time and expertise so that the company can both build its business model and find its market. When they are useful in the market, our goal is to sell our stake to new owners who are more appropriate for that stage. This exit generates returns to invest in new ideas where we work together with researchers and entrepreneurs to build new companies.

This has allowed us to build a new ecosystem that allows more deep tech and technology ideas to create benefits for society. Our strategy – scaling up together We know that the strategy for success is spelled t-o-g-e-t-h-e-r. We will be scaling up by attracting more external investors and increasing co-creation in partnerships, hubs, society, research, capital and industry. Both nationally and internationally. And we will go on working together to create and develop companies through the dedicated and professional Chalmers Ventures team! Sara Wallin CEO, Chalmers Ventures


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FROM 1999-2021

Dealflow - it’s a numbers game. We are on a journey to enable tech companies so that the world can benefit more from research and technological innovations. Our model is based on the fact that we have a large and high-quality dealflow of ideas and companies. Every year, we evaluate close to 200 technology ideas. Out of these idéas, up to 15 new startups are being formed. Some companies’ journeys end early, and some companies grow to create long-term and sustainable societal benefits. But there is one thing that all ideas and companies have in common: driven and dedicated people who provide time and energy to create a better future for all of us.


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Chalmers Ventures has worked with

680+ 4900+ 5550+ PROJECTS & STARTUPS

36 We have done

EXITS

68% 69

INNOVATORS & ENTREPRENEURS

IDEAS

242 We have invested in

COMPANIES

Survival rate for companies from Chalmers Venture // Business average is 10%.

Active Alumni companies


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Numbers 2021.

100 x10

Portfolio companies

For every krona invested by Chalmers Ventures, 10 more were invested by external investors

During 2021 CV started

12

new companies

&

17

new projects

During 2021

CV worked with

108 31 COMPANIES

PROJECTS

139 STARTUPS


1313

Portfolio companies

12,3

906

852

PORTFOLIO COMPANIES TOTAL COMPANY VALUE

PORTFOLIO COMPANIES TOTAL TURNOVER

NUMBER OF EMPLOYEES IN PORTFOLIO COMPANIES

BSEK

MSEK

EMPLOYED

COMPANY VALUES ALL OUR COMPANIES PORTFOLIO- AND ALUMNI

15,9 BSEK

3,6 BSEK

ALUMNIBOLAGENS TOTALA BOLAGSVÄRDE

81 MSEK

Alumni companies

960 MSEK

ALUMNIBOLAGENS TOTALA OMSÄTTNING

496 EMPLYED

NUMBER OF EMPLOYEES IN ALUMNI COMPANIES

Result of the year Chalmers Ventures


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A unique growth factory We are part of the whole journey, from taking on a technology idea to becoming a global growth company In all our years working with venture creation and growth companies, we have seen that three basic building blocks are always needed to take an early-stage technology idea all the way to becoming a global tech company. We call these Competence, Capital & Community. We create the magic of growth when these three areas have the opportunity to interact.

The first thing needed is a basic knowledge of the different processes and stages. Initially, we have to look at which ideas or research initiatives have the potential for commercialization. Then the focus shifts to knowing how to commercialize it. So we need to know what elements need to be in place, and at what stage of the growth journey. Structural capital skills, you could say.

Part two involves capital in the form of time and money. Money and time are a problem for really early-stage technology ideas, such as research, because this ultra-early stage also involves extremely high risk and few are willing to invest. For instance, even though the term venture capital sounds like it is available in the early stages, more often than not venture capital with time and

money is only available to startups when they are a little more mature and have been able to prove their model. This is why CV has consciously chosen to invest time and money in the earliest stages, and then tag along and invest throughout the entire growth journey.

The third need we have seen involves relationships; networking, gaining context and learning from one another. People, quite simply. At Chalmers Ventures, we call these three elements competence, capital, and community. We have even gone so far as to include all of the elements in a single organization. We believe that this approach is the future of venture creation.


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The Chalmers Ventures strategy to gather competence, capital and community under one roof makes us what we call a unique growth factory.


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Impact.

We are changing, improving and innovating the world around us through sustainable entrepreneurship.

Our work is made possible by investments from both Chalmers and Sweden in innovation and entrepreneurship, as well as the positive returns we acquire thanks to our investments. A profit that is reinvested in sustainable technology companies.

We want to create impact by helping research and innovation to become successful growth companies. The key to this? Working with entrepreneurial people with innovative ideas who genuinely want to see tomorrow change for other people. Thank you to all of you!


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55%

10 of 12

Of companies in our portfolio are research-based

of the companies started in 2021 are based on research at Chalmers

Commercialization of groundbreaking research Every day, groundbreaking research takes place at Chalmers and universities all over the world. Much research carried out at Chalmers forms the basis for the successful companies that Chalmers Ventures has actively worked with by commercializing and utilizing knowledge assets and research outcomes.


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3

11

1 Techsektorer 2021, antal (Otherbolag tech) Energy tech Transport & Logistics tech

5

3

Fin tech

Sports tech

3

Food tech

24

5

Portfolio companies

Lifescience & Health tech

HR & Communication tech

100

14

ICT & Software tech

32 st Industrial tech

TOTAL TURNOVER IN PORTFOLIO COMPANIES AND ALUMNI COMPANIES* (SEK MILLIONS)

1760

2015

2016

2017

2018

* The total turnover of the portfolio companies for 2021 has not been compiled as of the date of the Annual Bulletin.

2019

EMPLOYED AT PORTFOLIO COMPANIES AND ALUMNI COMPANIES*

1866 1030

2020

2015

2016

2017

2018

1121

2019

1348

2020


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The key to this? Entrepreneurial people with innovative ideas who genuinely want to see tomorrow change for other people.

Our companies are helping to change the world by •

Combating antibiotic resistance

Filtering toxic heavy metals

Improving cancer diagnostics

Renewing wind power development

Enabling unique energy technologies

Cleaning water from microplastics

Creating sustainable travel

Securing future energy solutions

Finding vaccines more quickly through digital analysis of DNA sequences

Shaping the AI of tomorrow

Detecting cancer in its early stages

Accelerating drug development

Preventing chronic back pain


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100% GENDER-EQUAL COMPANIES perform better

Research and our own experience speak for themselves: gender-equal companies perform much better than others over time. At the same time, we see that CV and the industry are a long way off. This is far from OK. We wish these efforts could have produced results much more quickly. But we will go on working long-term and with determination, and we do not intend to give up.


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We see gender equality as one of our key opportunities and competitive advantages for building sustainable companies. It is all about working with and investing in companies with mixed teams of men and women.

Chalmers Ventures will go on investing strategically in attracting more women as leaders, innovators, entrepreneurs, board members, and investors in our companies. This is something we need to do if we are to achieve our goals and vision.

Our aim is for 100% of our teams to be made up of both men and women

Our goal with this long-term work on gender-equal companies is to position ourselves as an industry-leading investor and venture creation player for our portfolio companies, owners, entrepreneurs, and our community!


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Our goal with this long-term work on gender-equal companies is to position ourselves as an industryleading investor and venture creation player for our portfolio companies, owners, innovators, entrepreneurs, and our community!


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Numbers for gender equality

BOARDS OF DIRECTORS OF CHALMERS VENTURES PORTFOLIO COMPANIES

49%

OF COMPANIES HAD MIXED OR GENDER-EQUAL BOARDS INVESTED CAPITAL MANAGEMENT TEAM

65%

67%

CHALMERS VENTURES’ TOTAL INVESTED CAPITAL WENT TO COMPANIES WITH GENDER-EQUAL OR MIXED* MANAGEMENT TEAMS

OF TOTAL CAPITAL INVESTED IN THE ROUNDS INVOLVING CHALMERS VENTURES WENT TO COMPANIES WITH GENDER-EQUAL OR MIXED* MANAGEMENT TEAMS

INVESTED CAPITAL BOARD OF DIRECTORS

63%

45%

OF CHALMERS VENTURES’ TOTAL CAPITAL INVESTED WENT TO COMPANIES WITH GENDER-EQUAL OR MIXED* BOARDS

OF TOTAL CAPITAL INVESTED IN THE ROUNDS INVOLVING CHALMERS VENTURES WENT TO COMPANIES WITH GENDER-EQUAL OR MIXED* BOARDS

PORTFOLIO

37%

OF PORTFOLIO COMPANIES HAVE MIXED* FOUNDING TEAMS * Mixed teams means a team with at least one woman and at least one man.


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CFO

Talks about 2021

Emma Siljeäng

Unique position in Sweden

Chalmers Ventures is making a record profit of SEK 81m, which is a testament to strong value development among our portfolio companies. Profits are reinvested in new companies and are a prerequisite if we are to go on creating and growing new companies that will change our society. Despite the pandemic, overall we have continued to see positive development in the portfolio in terms of value development, number of people employed, and turnover in the companies. There has been plenty of capital available on the market in both 2020 and 2021. In 2021, our unlisted companies attracted SEK 348m in equity capital and SEK 50m in soft funding. Our listed companies implemented new issues of shares totaling SEK 439m. During the year, we welcomed 12 new startups to the portfolio based on research and knowledge in fields such as recycling of plastics, treatment of liver cancer, sustainable energy production and safer radar communication in vehicles. Of the 12 new companies this year, no fewer than ten were based on Chalmers research. We welcomed another 16 listed companies to the portfolio at the end of the year as it was decided

during the year that Chalmers Ventures would own all Chalmers spin-off companies within the Chalmers Group, and in connection with this we took over ownership of the listed companies from the Chalmers Foundation.

Chalmers Ventures is one of Sweden’s most active tech investors and is in a unique position, where we are involved right from the very outset to growth. We invested in 33 unlisted companies in 2021. One of the companies which we subsequently invested in is the growth company Metry, which was started within Chalmers Ventures in 2012 with the aim of helping the world become more energy efficient by making buildings more energy efficient. Today, more than a third of the biggest real estate companies in Sweden use Metry, and their sights have been firmly set on international expansion.


Chalmers Ventures is one of Sweden’s most active tech investors and is in a unique position, where we are involved right from the very first invested SEK to growth. We invested in no fewer than 33 unlisted companies in 2021. Chalmers Ventures has successfully exited 33 companies to date, including 16 listed companies. Three successful sales and five divestments were completed during the year.

In total, Chalmers Ventures received SEK 29m in portfolio-linked liquidity. At year-end, the portfolio consisted of 100 companies with a combined portfolio value of SEK 415m. Chalmers Ventures has a market-valued balance sheet, which means that the development of the portfolio companies and the market situation is reflected in the results of the operations. The total value of the portfolio companies amounted to SEK 12.3b. Chalmers Ventures actively works with coinvestments together with other investors, thereby helping to leverage the funding of our portfolio companies. In 2021, every Swedish krona invested by Chalmers Ventures was leveraged ten times by equity capital from co-investors in the unlisted portfolio.


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The portfolio. Long-term commitment and growth

The Chalmers Ventures portfolio consists of tech companies based on knowledge & research that resolve global challenges and offer great business potential. The portfolio includes companies at all stages of development and investment and in a wide range of industries, domains and applications. The goals of sustainability, profitability and gender equality are common to all.


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CHALMERS VENTURES

PORTFOLIO VALUE

415

MSEK

CHALMERS VENTURES

PORTFOLIO COMPANIES

100

COMPANIES

PORTFÖLJBOLAGENS

COMPANY VALUE

12,3

BSEK


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ktiga om gjort

545

550 500

kt värde.

g

Portfolio development Portföljutveckling & realiserat&krealized apital capital

131

450 400

358

350

värde

par

298

300

253

250 200 150 100 50 0

104 12 43 49

2015

189 34

105

83

81 80

106

142 22 42

54 101

115

135

147

78

2016

2017

2018

2019

2020

56

174

241

2021

• Investerat kapital • Orealiserad värdetillväxt • Ack. exitlikvid Invested capital • Unrealized value growth • Acc. Exit liquidity

To become part of the Chalmers Ventures portfolio, companies must be or have been part of our venture creation programs or have another clear link to Chalmers. Chalmers Ventures invests in early stages, and its strategy is to be the first financier for these companies. Chalmers Ventures is a long-term owner and a stable partner on the growth journey, with a successful and proven platform that companies can use for creation and growth. At the end of 2021, the portfolio consisted of 100 companies with a total CV portfolio value of SEK 415m, of which SEK 241m is invested capital. This portfolio consists of both unlisted and listed companies, and Chalmers Ventures makes around 15 new investments per year and aims to divest the same number.

Performance of the portfolio over time The companies in the Chalmers Ventures portfolio are developing well. The total value of the portfolio companies was SEK 900m when Chalmers Ventures began in 2015; while at the end of 2021, the total company value of the portfolio has increased to SEK 12.3b, of which SEK 8.3b is made up of the 16 listed companies that were added at the end of 2021. Since it all began in 2015, Chalmers Ventures has realized SEK 131m in purchase sums from sold companies which is being reinvested through our evergreen fund. This value development is evidence that the Chalmers Ventures model of creating new growth companies works, and that long-term commitment pays off.


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Market value by tech sector

2 MSEK Transport & Logistics tech

Tech sektor, marknadsvärde 2021 2 MSEK Sports tech

1 MSEK Other

86 MSEK Lifescience & Health tech

61 MSEK Energy tech 18 MSEK Fin tech 11 MSEK Food tech

TOTALT

415 MNKR

39 MSEK HR & Communication tech

134 MSEK Industrial tech

61 MSEK ICT & Software tech

Total value

Chalmers Venture portfolio

11 MSEK

24 MSEK Transport & Logistics tech

Tech sektor, bolagsvärden Sports tech

5 MSEK Other

1 625 MSEK Lifescience & Health tech

3 261 MSEK Energy tech

263 MSEK Fin tech

TOTALT

12,3 3 472 MSEK Industrial tech

4

120 MSEK Food tech

MDKR

491 MSEK HR & Communication tech 3 042 MSEK ICT & Software tech

2 maj 2022 © Chalmers Ventures

Total value

of portfolio companies


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Our portfolio companies by tech sector

Our portfolio includes around 100 companies. By coaching, developing and investing, we ensure that we are involved in building a portfolio that creates a long-term impact.

HR & Communication tech

Lifescience & helth tech

Oterlu AI Digital Grammars Kluero Winningtemp YouPic Salesbyte

Envue/nanofluid Stealth Labels Biotech Aquammodate Vitroprobe Analytics Beat Vascular Health Kneedly Promimic Cline Scientific Navari Lucero Atley Solutions Amferia In Singulo Solutions Elypta Simplexia 1928 Diagnostics Tummy Lab Stayble Therapeutics Monivent Nyctea Fluicell Micropos Medical NUTRIE Mevia

Energy tech Smena Catalysis Eneryield Solartes Enairon ReVibe Energy Minesto SootTech Biofrigas Mimbly Modvion Parans Solar Lighting

Food tech Aquafood Micvac Melt & Marble

Fin tech Sigmastocks Evispot Trine

Transport & Logistics tech RadChat Eilogistik Heapster


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Number of companies by sector 6 st

5 st

4 st

32 st

3 st

24 st

14 st

3 st

11 st

Industrial tech Nocoli Intended Future Wavi Vividye Respace Compular Repli5 LumenRadio Insplorion Swedish Algae Factory Acosense Gapwaves Atium BasedOn Sinom Minalyze Lamera Oxeon LC-Tec Holding Smoltek Smart High-Tech Higate Technology Scaffcalc Aluwave Parakey Northfork rDot Brinja Lumeo Technology Gomero Group Simplex Motion Aqua Robur Technologies

Sustain tech | Deep tech ICT & Software tech Nirna Irisity (publ) Yolean ZeroPoint Technologies Metry Detecht Industrial Path Solutions Safer Society Group Int3 Software EmbeDL RaceOne Dialogtrail Event Logic Eperoto

companies by sector

4|3 21 | 21 5|9 1|1 2|3 1|2 1|1

Sport tech Glenntex Equilly Ophena Skisens Guinea Pig Health

18 | 22 9|8


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Venture Creation & Investments for all stages of growth

Chalmers Ventures will use its expertise to help create the conditions required for a growth company to start up correctly and with the right structural capital. CV will then be involved in the startup, development and growth of the companies until CV divests the companies.


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1 /// Identify

2 /// Shape & start

At the earliest stage, we attract, seek out and evaluate research and technology ideas. The technologies with the greatest potential are matched with entrepreneurs. This creates a unique opportunity to utilize research innovations that do not have their own implementation capacity.

Chalmers Ventures is already involved at the pre-launch stage. This is where we create the basic conditions to shape companies correctly. This means building structural capital together with the companies. Then Chalmers Ventures is also involved in starting up the companies and provides additional benefits during that first critical period.

3 /// Validate & verify

4 /// Scale up

Here, CV supports the companies in validating their business, working for paying customers and unlocking the business model. CV helps companies to find the right proof points to validate and verify the company’s unique idea to both the market and investors.

When scaling up, companies make the transition from being startups to becoming sustainable growth companies with the aim of reaching out to an international market. At this stage, CV works with its skills as active owners, provides professional governance and syndicates the right growth capital.

5 /// Exit Chalmers Ventures pursues a positive exit strategy at what it feels is the right time. The profits are then used to invest in the early stages where venture capital is lacking. Underperforming holdings are divested so that we can focus our resources on those companies with the greatest potential and positive impact on the portfolio.


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Venture Creation Tracks

Our tracks allow us to evaluate and develop the technology idea and/or research. Our goal is to incorporate, become a portfolio company, and become part of our Venture Creation Program.

Tech Transfer. As a researcher, Chalmers Ventures helps you to utilize your research outcomes through commercialization. Your technology idea is prepared for incorporation and admission to our Venture Creation Program. • • • • •

Commercializing research and intellectual assets Protecting IP by means of patents, for example Business Coaching & Community Complete the team with an entrepreneurially driven person Goal: portfolio company & admission to the Venture Creation Program

Tech Matching for Encubation. A unique process where researchers and innovators match technology ideas and research with entrepreneurs from Chalmers School of Entrepreneurship. • •

World-leading Tech Matching between innovator and entrepreneur Goal: portfolio company & admission to the Venture Creation Program

Startup Camp.

CV Direct Apply.

If you already have a startup but have not yet validated your business model, you can apply for admission to our Venture Creation Program via Startup Camp. Over a period of time, we evaluate the maturity of your company and make sure we add skills to try and reach the admission goal.

Direct admission to the Venture Creation Program is possible for companies with a business model already established or a team in place, and/or led by a serial entrepreneur. Upon application, we evaluate the maturity of the company and can then make a direct admission to our Venture Creation Program.

• •

Evaluation and validation of your startup Goal: portfolio company & admission to the Venture Creation Program

• •

Evaluation and validation of your startup Portfolio company & admission to the Venture Creation Program


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Venture Creation Program

As number one in the Nordics, number three in Europe and in the world top ten in university-linked programs, we can give your tech startup the best benefits to help start up in the venture creation process.

Strategic Business Coaching We work together with our companies to develop the following areas: • • • •

Customer Technology Business model IPR

• • •

Team Funding Sustainability

Funding & Investments • • • •

Community & Partners •

• •

Entrepreneurs, innovators and industry with unique experience of building and growing tech companie Events, seminars & workshops Partnerships, networks & hubs

Offers & Deals • • •

Offers & discounts Office partners etc.

Assistance with the funding process CV’s network of investors Possible total investment of SEK 20m Grant funding

PR & Communication • • •

Visibility and marketing through CV channels Help with press releases and PR Taking part in the CV brand


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Investments. We fund the tech companies of tomorrow

Chalmers Ventures is an evergreen structure that invests in tech companies that resolve global challenges and offer great business potential.

Chalmers Ventures invests in

Chalmers Ventures invests in

early stages with the capacity to

technology-based and innovative

provide growth capital to selected

companies with growth potential.

companies. Chalmers Ventures is

These companies must have

always looking to syndicate with

internationally scalable growth

other investors and has a large

potential and entrepreneurially

network of active players, from the

driven teams, and must be or have

very earliest stages to the later ones,

been part of one of the Chalmers

leveraging the capital invested in the

Ventures tracks and programs, or

companies.

have other clear links to Chalmers.


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x10

For every Swedish krona invested by Chalmers Ventures, 10 more were invested by external investors

Invested 2021 INVESTED BY CHALMERS VENTURES

31 MSEK

SOFT FUNDING FOR COMPANIES (GRANTS AND CONDITIONAL LOANS)

50 MSEK

EQUITY CAPITAL INVESTED IN UNLISTED COMPANIES

EQUITY CAPITAL INVESTED IN LISTED COMPANIES

MSEK

MSEK

348

439


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Criteria when we invest. We consider a number of different points and criteria when deciding whether to invest. These include: •

A unique and innovative knowledgebased and/or research-based technology

Internationally scalable and commercial growth potential

Entrepreneurially driven team

The company is working towards one or more of the global sustainability goals

What we can help you with Make your company ready for investment and more attractive to investors and investment networks Investor networks Practice your pitching, and prepare to meet other investors Provide advice on a funding plan Demonstrate how to go about raising the right equity capital Be a credible, long-term and sustainable investment partner Be active owners and develop your governance Define KPIs, etc. that can take your company to the next level Guide you around soft funding in the innovation system

The company is or has been part of our venture creation tracks and programs, or has other clear links to Chalmers

Follow-up investments require a mixed board made up of men and women

Investment examples from 2021 Our portfolio companies raised over SEK 787m in equity capital during the year, including capital from Chalmers Ventures. Elypta // SEK 47m Chalmers Ventures, Industrifonden, Norrsken, Ruasset, etc. Metry // SEK 32m Chalmers Ventures, Fairpoint Capital Aqua Robur // SEK 11m Chalmers Ventures, Latour Future Solutions, Almi Invest, etc. Mevia // SEK 10m Chalmers Ventures, Almi Invest, Marinvest, Hans Andersson Holding, etc. Modvion // ZPT // Sigmastocks // Embdl //Melt&Marble Other companies that raised capital during the year. In no particular order.


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Our investment steps. We have the opportunity to follow you from start to finish thanks to our evergreen model.

PRE-SEED

GROWTH

SEED

The maximum investment per company is SEK 25 MSEK

Capital available Equity capital

Grant funding

Invested from the very formation of the company until exit.

Verification funds for startups in our portfolio

These investments are made in selected companies that meet CV’s investment criteria.

As part of our venture creation process, Chalmers Ventures has several funds available for the very earliest companies with a view to allowing initial market, patent and business verifications.

These investments are made on market terms and in syndication with other financiers.

Verification funds – Vinnova

Idea bank funds – Ministry of Education and Research

Innovation checks – Vinnova, via SISP

Verification funds – Deeptech projects via the Swedish Agency for Economic and Regional Growth & Västra Götaland Regional Council


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It is all about the startups. Take alook at some of our amazing portfolio companies. They are truly changing our world for the better. Make sure to take a look at our web where we have more startup stories where our innovators end entreprenerus tell you their stories. chalmersventures.com/startupsstories


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This bandage kills germs and sterilizes the wound, without damaging us or our skin cells in any way. It works on all kinds of skin wounds, and it is an effective way to kill the bacteria directly in the wound. There are huge savings to be gained for healthcare systems, and it saves a lot of time for the person affected because the bandage helps the body heal itself. –This bandage is only our first product. In 10 years, we will be a global company, and we will be in the countries where the need is greatest. We hope to be a part of the solution so that we can avoid overusing antibiotics. We want to solve this global problem by 2050. chalmersventures.com/startupstories


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Imagine a washing machine. At a hotel. Each year, 2000 loads of laundry are washed, and each load requires hundreds liters of water. The machine discharges the water whether it is dirty or clean. This wastewater is what the team at Mimbly want to put an end to. – We feel a sense of responsibility and think that we can make a difference,” says Isabella. None of this would have been possible if we had not worked for it. And the money would not have been there if we had not found customers, so what we are doing is important. We create our jobs. It makes it fun and rewarding to be an entrepreneur. chalmersventures.com/startupstories


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Promimic is in the middle of their breakthrough phase into the international implant market. The secret is a nano-thin layer of bone crystals and a patented, three-stage rocket. CEO Magnus Larsson explains: – Our surface-modifying technology for orthopedic and dental implants cuts the bone healing time in half and results in more successful operations. This produces more effective care, and the goal is for more patients to have their loss of bodily function restored more quickly, regardless of whether it involves a small dental implant or saving a leg for a cancer patient. chalmersventures.com/startupstories


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®

Imagine this: your long-awaited baby is born but it isn’t breathing. Now it is about getting air into its lungs. But how much air is too much, and how little is too little? Is it possible to control the amount of air to avoid brain damage, lung damage, or brain hemorrhaging? Meet the founder Maria Lindqvist and CEO Karin Dahllöf Monivent. - It was about having a better understanding of what you should do when you have a child that is not breathing spontaneously and needs to be put on a ventilator. Pontus described it as “working blind”. In a study in which Pontus participated with 10 newborn children on manual ventilation, there were large variations in the pressure and volume. Many times the numbers were far outside of the recommended interval. The obvious conclusion was that something should be done about this. chalmersventures.com/startupstories


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We are a team

of people who genuinely love entrepreneurship and innovation. And being able to make a difference. For real.

We have more than 20 years of combined experience of starting and growing tech companies. This is something we have the privilege to do together with researchers and entrepreneurs. In this process, we follow a technology idea and watch it grow into a successful company. We have a deep and unique understanding of entrepreneurship. Because we are with you all the way.

MANAGEMENT TEAM for 2021

STYRELSE för 2021

Sara Wallin - CEO Viktor Brunnegård - Strategic Developer Charlotte Emlind Vahul - Head of Venture Creation Pontus Ottosson - Head of Investments Jonas Sandwall - Head of Communications & Marketing Emma Siljeäng - CFO

Johan Inden (Chairman) - Volvo Penta Anna Lundgren (Vice Chair) Chalmers University of Technology Caroline Krensler – Vinngroup Lennart Johansson – Patricia Industries Sophia Litsne – Västra Götaland Regional Council Elisabeth Björk – Astra Zeneca Amanda Lindenmeyer Asadi – student representative, Chalmers Tekniska Högskola Fredrik Sanell - Chalmers University Foundation


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An entrepreneurial ecosystem Chalmers Ventures’ mission is to be a leading resource when it comes to commercializing research results and technology ideas. Chalmers Ventures helps researchers and innovators to build a sustainable business model, team and corporate structure around their technology ideas.

Our aim is to provide a possible route for research results to benefit society. A development and an asset that is becoming increasingly important to reach out with research and new technology. - We can see that the world’s sustainability challenges require increasingly complex solutions that often need to be based on stable, long-term research,” says Stefan Bengtsson, President and CEO of Chalmers University of Technology. The commercialization of research ideas and outcomes provides an opportunity to increase the benefits of the innovations contributed by researchers and universities. Chalmers Ventures has an important part to play here. Entrepreneurship is part of the Chalmers Group’s strategy. - Collaboration within the Chalmers Group is a crucial factor for utilization, says Stefan Bengtsson. We can see how important it is to offer entrepreneurship as an opportunity for our students and researchers so that more ideas can reach out to society.


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Since 2021 is Chalmers Ventures owned by the Chalmers University Foundation.

- Over the past few years, we have consciously and strategically helped to shape an operation that builds a business model for the future,” says Martin Nilsson Jacobi, CEO of the Chalmers University Foundation. The outcomes for 2021 speak for themselves. We are now looking forward to a development where more and more research and technology ideas can create sustainable structures in the world around us thanks to the work being done by Chalmers Ventures. . __

Utilization is an important enabler helping research to reach out to society and meet its needs. Not least when it comes to sustainability. - Chalmers has always been at the cutting edge when it comes to utilization, says Mats Lundquist, Vice-President of Utilization and Professor of Entrepreneurship at Chalmers. This is made possible thanks to our world-leading processes for starting and developing sustainable technology companies, and for forming and coaching entrepreneurial teams. __

Chalmers Ventures business involves investing and becoming an active partner in the companies that enter the program. Further seed investments and growth investments are made through co-investments where Chalmers Ventures is involved in attracting external capital. - Our business model is tried and tested, and now we are entering a new stage where we want to scale up further, says Sara Wallin, CEO of Chalmers Ventures. The whole point of this is to be able to help create more and larger companies where Chalmers research and new technology ideas can reach out and positively influence the world around us.


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Our Values & Statements We want to be an organization that is involved in changing the world around us for the better. But at the same time, we are aware that change and development can take time. That is why we have created values, a vision and a mission that can help us to stay on track.


VISION.

Chalmers Ventures will be a world leader when it comes to creating and developing research-based and knowledge-based growth companies that help bring about a sustainable society.

MISSION.

Chalmers Ventures is building the new tech growth companies of the future. CV assists with solutions to society’s challenges and is strengthening Sweden’s competitiveness by creating viable, sustainable technology-based growth companies based on research and knowledge.

BUSINESS.

Chalmers Ventures’ business is to create, develop and profitably and successfully divest sustainable, technology-based growth companies through active ownership, expertise and market-driven investments from startup to growth

STATEMENTS

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VALUES COMMITMENT.

COURAGE.

CO-CREATION.

We are committed to following an idea all the way along the line from startup to growth.

We have the courage to take decisions and new routes that have not always been taken before.

We know that sustainable growth is created by working together with others.


Chalmers Ventures Awards & Rankings

Best VC 2022 by Nordic Startup Awards

World Top Ten University Businesss Incubators 19/20 UBI Global

Most Promising Women Founder 19/20 UBI Global

Partners & financiers

AstraZeneca | CEVT | Stena Center | TietoEvry #greenups | West Swedish Incubators Nordia | Fondia | Delphi | NORMA Advokater BDO | RSM | Moore Lassarev